Bitcoin Stealth Rally: Expert Forecasts Monumental Surge, Ignoring $25,800 Standstill
05 September 2023 - 2:00AM
NEWSBTC
Renowned crypto expert and market analyst, Doctor Profit, has made
bold predictions around Bitcoin (BTC), asserting that the
cryptocurrency is poised for a significant bullish rally in the
coming months. Despite recent market uncertainties, Doctor
Profit remains confident in BTC’s long-term potential, emphasizing
the importance of zooming out and considering broader market
trends. Bitcoin Surge To $90,000? Bitcoin is currently
trading at $25,800, displaying a stagnant pattern within a narrow
range of $25,700 to $26,200. The cryptocurrency’s recent attempt to
consolidate above $27,000 and surpass its strongest resistance at
$28,000 proved unsuccessful. Related Reading: XRP Summer Showdown:
Trading Hype Versus Price Reality, What Lies Ahead? Furthermore,
the BTC market has exhibited signs of fear and outflows in recent
weeks, characterized by low volatility and trading volume. As a
result, Bitcoin has lost its previous bullish momentum, awaiting a
catalyst that could reignite its upward trajectory. On this matter,
while acknowledging the possibility of further market
manipulations, pump-and-dump schemes, and the dissemination of
fear, uncertainty, and doubt (FUD), Doctor Profit advises investors
to maintain resilience and navigate through these challenging
conditions. According to Doctor Profit, two crucial factors will
drive Bitcoin’s surge to new heights. Firstly, the upcoming halving
event, a phenomenon occurring every four years that historically
triggers a bull cycle in BTC with remarkable accuracy.
Secondly, the anticipated approval of a BlackRock exchange-traded
fund (ETF), which could attract institutional investors and fuel
the BTC frenzy. Doctor Profit points out an interesting correlation
between the BlackRock ETF approval and the BTC halving. The
deadline for the BlackRock ETF falls in March, just one month
before the anticipated halving. This synchronicity, in Doctor
Profit’s view, sets the stage for the “ETF, Institution, BTC FOMO”
bull market, potentially igniting a period of significant upward
momentum. Based on his analysis and historical trends, Doctor
Profit forecasts a sudden BTC pump above $30,000, with initial
targets ranging from $40,000 to $45,000 in 2023. He further
predicts a consolidation period followed by a surge in July or June
2024, projecting conservative targets of $90,000 and optimistic
targets exceeding $150,000. BTC’s Price Set For Sideways
Consolidation In the short term, Doctor Profit anticipates a
sideways consolidation in Bitcoin’s price until the following week.
With lower trading volume and fewer data releases, the market is
expected to remain calm. Related Reading: Shiba Inu Whales
Begin Accumulation As Shibarium Grows He identifies two liquidity
pools around the $28,500 region, aligned with the daily MA50 and
MA100, as critical levels to monitor. Additionally, he points out a
liquidity pool at around $25,200 that could be utilized for quick
profit-taking through short-term long scalps. Drawing upon
historical data, Doctor Profit highlights September’s reputation as
a challenging month for both stocks and Bitcoin. He warns against
disregarding this historical trend, cautioning investors against
assuming that the current market conditions are different.
The chart patterns, liquidity dynamics, psychological factors, and
Bitcoin’s cycle all point towards a downward trajectory, suggesting
the need for caution and preparedness. Featured image from iStock,
chart from TradingView.com
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